Rs 118/Share Dividend: Record Date In 3 Days On April, 23; Buy The Healthcare Stock To Be Eligible?

In the hospitality industry, Aster DM Healthcare Ltd. is a large-cap firm. As of Friday's BSE closing session, its market worth was Rs 26,014.64 Cr. Founded in 1987, Aster DM Healthcare is a publicly traded premium healthcare provider. The stock is going to be in focus in the next week as it will trade ex-dividend on 23rd April for the purpose of an 1180% special dividend for FY24. On Friday, the shares of Aster DM Healthcare ended 0.24% lower at Rs 520.80 apiece. The healthcare stock touched a 52-week-high of Rs 558.30 on (15/04/2024) and a 52-week-low of Rs 238.90 on (08/05/2023).

Aster DM Healthcare Dividend

"The Board of Directors at their meeting held on 12th April, 2024, considered declaration of interim dividend and special dividend, as set out in the Company's previous disclosure on 5th April, 2024. Following deliberations, the Board of Directors approved declaration of a Special Dividend of INR 118/- per share on account of the receipt of proceeds from the sale of the GCC business and redemption of Redeemable Preference shares issued to the Company by Affinity Holdings Pvt Ltd , a wholly owned material subsidiary of the Company, on 49,95,13,060 equity shares of INR 10/- each payable to those shareholders whose names stand on the Register of Members of the Company as on the Record Date. The special dividend will be paid within 30 (thirty) days from the date of the declaration. The Board has decided not to declare an interim dividend for the financial year 2023-24. The Board may consider declaration of final dividend for the financial year 2023-24 at the Board meeting considering the approval of audited financial statements for FY 2023-24," said Aster DM Healthcare in a regulatory filing.

Tuesday, April 23, 2024 has been fixed as the record date for determining the entitlement of the shareholders to special dividend, according to the company.

Aster DM Healthcare News

On 17th April, Aster DM Healthcare Ltd and Malabar Institute of Medical Sciences Limited (MIMS), a material subsidiary of Aster DM Healthcare Limited signed a definitive agreement to acquire a 70,00,000 (26%) share stake in OYSTER GREEN HYBRID TWO PRIVATE LIMITED for a cash consideration of Rs 7 Cr only. Pursuant to said acquisition Aster shall hold 16% and MIMS shall hold 10% in OYSTER GREEN HYBRID TWO PRIVATE LIMITED.

"Aster and MIMS intends to meet a part of its total electricity requirement at its Facility through renewable sources of electrical energy and has accordingly approached the Power Producer to set up a captive solar power plant; Pursuant to mutual discussions, OYSTER GREEN HYBRID TWO PRIVATE LIMITED has agreed to build, develop, install, commission, operate, manage, and maintain a 18 MWp captive solar power plant at the Project Site at Kerala. Aster and MIMS will purchase 100% of the net output electricity generated. As per the Electricity Act, not less than twenty six percent of the ownership is to be held by the captive user. The acquisition is pursuant to statutory requirement," said the company in a regulatory filing.

Aster DM Healthcare Financials

In comparison to Rs 139 crore in the same quarter of FY23, Aster DM Healthcare reported that its consolidated net profit climbed by 29% to Rs 179 crore in the third quarter that ended in December 2023. In Q3FY24, revenue from operations climbed to Rs 3,711 crore from Rs 3,201 crore in Q3FY23. Compared to Rs 448.6 crore during the same time in FY23, EBITDA jumped by 25.7% to Rs 564 crore in the third quarter of FY24. In the reporting quarter, EBITDA margin was 15.2%, up from 14.1% in Q3FY23. From Rs 3,192 crore in Q3 of FY23 to Rs 3,711 crore in Q4 of FY23, the company's operational revenue increased 16% annually. Compared to Rs 456 crore in Q3 of FY23, operating EBITDA jumped 28% YoY to Rs 583 crore. Aster DM Healthcare is yet to declare its Q4FY24 financial results.

Aster DM Healthcare Share Price Target

Mandar Bhojane - Equity Research Analyst at Choice Broking said ASTERDM is currently trading at Rs 520.10, consolidating above the 500 level for the last four days, reaching an all-time high, indicating price stability and profit booking from the higher side. This upward momentum is supported by a consistent pattern of higher highs and higher lows on the daily chart, accompanied by robust trading volume. These patterns underscore a strong upward trajectory in the stock.

The Relative Strength Index (RSI) stands at 72 and is on an upward trend, signifying a significant surge in buying momentum. Both RSI and Stochastic RSI in the overbought region suggest that positional traders may consider holding their positions, and implementing a trailing stop-loss.

The overall trend for ASTERDM is bullish, with confluence from various technical indicators reinforcing the optimistic outlook. Given these signals, there is potential for the stock to achieve a target price of Rs 670 in the near term.

It is advisable to consider buying on dips, particularly around Rs 500, capitalizing on potential retracements in the stock price. To prudently manage risk, implementing a stop-loss (SL) at Rs 460 is recommended. This precautionary measure is crucial to safeguard investments in the event of an unexpected market reversal.

Disclaimer

The recommendations made above are by market analysts and are not advised by either the author, nor Greynium Information Technologies. The author, nor the brokerage firm nor Greynium would be liable for any losses caused as a result of decisions based on this write-up. Goodreturns.in advises users to consult with certified experts before making any investment decision.